Viper Company began year 2020 with 24,000 units of product in its January 1 inventory costing $15.80 each. It made successive purchases of its product in year 2020 as follows. The company uses a periodic inventory system. On December 31, 2020, a physical count reveals that 43,000 units of its product remain in inventory. Mar. 7 36,000 units @ $18.80 each. May 25 38,000 units @ $22.80 each. Aug. 1 28,000 units @ $24.80 each. Nov. 10 37,000 units @ $27.80 each Required: 1. Compute the number and total cost of the units available for sale during in year 2020. 2. Compute the amounts assigned to 2020 ending inventory and the cost of goods sold using (a) FIFO and (b) weighted average cost. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the number and total cost of the units available for sale during in year 2020. Total units available for sale Total cost of units available for sale units

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...
icon
Related questions
Topic Video
Question

Jj.72.

 

Viper Company began year 2020 with 24,000 units of product in its January 1 inventory costing $15.80
each. It made successive purchases of its product in year 2020 as follows. The company uses a periodic
inventory system. On December 31, 2020, a physical count reveals that 43,000 units of its product remain
in inventory.
Mar.
7 36,000 units @ $18.80 each.
May 25 38,000 units @ $22.80 each.
Aug. 1 28,000 units @ $24.80 each.
Nov. 10 37,000 units @ $27.80 each.
Required:
1. Compute the number and total cost of the units available for sale during in year 2020.
2. Compute the amounts assigned to 2020 ending inventory and the cost of goods sold using (a) FIFO and
(b) weighted average cost.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Compute the number and total cost of the units available for sale during in year 2020.
Total units available for sale
Total cost of units available for sale
units
Transcribed Image Text:Viper Company began year 2020 with 24,000 units of product in its January 1 inventory costing $15.80 each. It made successive purchases of its product in year 2020 as follows. The company uses a periodic inventory system. On December 31, 2020, a physical count reveals that 43,000 units of its product remain in inventory. Mar. 7 36,000 units @ $18.80 each. May 25 38,000 units @ $22.80 each. Aug. 1 28,000 units @ $24.80 each. Nov. 10 37,000 units @ $27.80 each. Required: 1. Compute the number and total cost of the units available for sale during in year 2020. 2. Compute the amounts assigned to 2020 ending inventory and the cost of goods sold using (a) FIFO and (b) weighted average cost. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the number and total cost of the units available for sale during in year 2020. Total units available for sale Total cost of units available for sale units
Expert Solution
steps

Step by step

Solved in 5 steps

Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Individual Income Taxes
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
SWFT Individual Income Taxes
SWFT Individual Income Taxes
Accounting
ISBN:
9780357391365
Author:
YOUNG
Publisher:
Cengage